Biz EOD: Puzzling credit surge; depositors say no to Yes Bank; private jets sector crash into trouble
Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report
- May 8, 2020,
- Updated May 8, 2020 4:11 AM IST
A surprising increase of Rs 10.73 lakh crore in banks' credit between March 27 and April 10 - which fell under the first 21 days of coronavirus lockdown - has raised some eyebrows. As fear replaced faith in depositors' minds, deposits with Yes Bank touched a five-year low. Coronavirus lockdown, coupled with earlier delinquencies, has put the private jets sector on a difficult path.
Read for more top stories from the world of business and economy:
1. Puzzling rise in bank loans during Lockdown 1; did bankers push credit for rosy FY20 nos?
Experts suggest that bankers must have pushed corporates during the first leg of COVID-19 lockdown to utilise their indrawn limits for 2019-20 so that they could show higher credit growth at the end of FY20.
2. Faith shattered! Yes Bank deposits tank 54% from Rs 2.27 lakh crore peak
Yes Bank's failure to raise capital and its rising bad loans had depositors spooked. As fear replaced faith, deposits with the lender have sunk to a five-year low.
3. Private jets industry wrecked; only 5% fleet flying, 40% aircraft to remain grounded after lockdown
Even before the coronavirus crisis, most of the private jet operators were already bleeding. After the lockdown finally lifts, it will take a while before the grounded planes resume service.
4. Vizag gas leak a serious lesson on plant maintenance during coronavirus lockdown
The chemical gas leak at LG Polymers plant on the outskirts of Visakhapatnam has raised serious questions around plant maintenance during coronavirus lockdown.
5. SBI cuts MCLR by 15 bps on all tenors; launches new term deposit scheme for senior citizens
In a press note, SBI said that this was its 12th consecutive cut in MCLR. Last month, the public sector lender had lowered MCLR by 35 bps across all tenors from 7.75 per cent to 7.40 per cent.
A surprising increase of Rs 10.73 lakh crore in banks' credit between March 27 and April 10 - which fell under the first 21 days of coronavirus lockdown - has raised some eyebrows. As fear replaced faith in depositors' minds, deposits with Yes Bank touched a five-year low. Coronavirus lockdown, coupled with earlier delinquencies, has put the private jets sector on a difficult path.
Read for more top stories from the world of business and economy:
1. Puzzling rise in bank loans during Lockdown 1; did bankers push credit for rosy FY20 nos?
Experts suggest that bankers must have pushed corporates during the first leg of COVID-19 lockdown to utilise their indrawn limits for 2019-20 so that they could show higher credit growth at the end of FY20.
2. Faith shattered! Yes Bank deposits tank 54% from Rs 2.27 lakh crore peak
Yes Bank's failure to raise capital and its rising bad loans had depositors spooked. As fear replaced faith, deposits with the lender have sunk to a five-year low.
3. Private jets industry wrecked; only 5% fleet flying, 40% aircraft to remain grounded after lockdown
Even before the coronavirus crisis, most of the private jet operators were already bleeding. After the lockdown finally lifts, it will take a while before the grounded planes resume service.
4. Vizag gas leak a serious lesson on plant maintenance during coronavirus lockdown
The chemical gas leak at LG Polymers plant on the outskirts of Visakhapatnam has raised serious questions around plant maintenance during coronavirus lockdown.
5. SBI cuts MCLR by 15 bps on all tenors; launches new term deposit scheme for senior citizens
In a press note, SBI said that this was its 12th consecutive cut in MCLR. Last month, the public sector lender had lowered MCLR by 35 bps across all tenors from 7.75 per cent to 7.40 per cent.